New Delhi, October 9: To educate people on e-transactions, formal sectors borrowings and insurance purchases, the Reserve Bank of India (RBI) is launching a pilot study on financial literacy drive in 80 blocks of nine states.
In the states of Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh the RBI will commission the pilot project by 6 NGOs in collaboration with the sponsored banks.
The center for financial literacy (CFL) aimed at making every citizen literate about active savings by depositing in banks through fixed deposits and recurring deposits, CFL is introducing the habit of making a household budget and encouraging transactions in the savings account and also recording the financial transactions.
Financial literacy is an imperative financial inclusion process as it will give choices to the people regarding financial services such as savings, credit, insurance, payment services, and pension. It is a joint initiative of RBI and Government of India. On 7th October 2017, the CFL initiative was launched in Karnataka’s Chitradurga district in five blocks of Challakere, Molakalmur, Hiriyur, Holalkere, Hosadurga.